Dave King will face the full force of the Takeover Appeal Board after refusing to comply with their demand to pay out 20p for each remaining share in the Sevco.
After dragging his feet for over two years the South African based criminal missed yesterday’s deadline to make an offer to those outside his concert party.
Some claims were made that the TAB was toothless but at the Court of Session today they showed their might.
The TAB statement said: “The Takeover Appeal Board directed that Mr King should announce an offer pursuant to Rule 9 of the Takeover Code by 12 April 2017.
“No such offer having been announced, the Takeover Panel has today initiated proceedings in the Court of Session, Edinburgh under section 955 of the Companies Act 2006 seeking an order requiring Mr King to comply with these rulings.”
King’s failure to comply with the TAB ruling immediately gives him the ‘Cold Shoulder’ treatment which takes his already toxic reputation off the radar as far as financing in the UK is concerned.
The South African based criminal is currently a director of Rangers International Football Club Plc and Rangers Retail.
Mike Ashley is certain to get King removed from Rangers Retail but it’s unlikely that there is any appetite on the RIFC board to remove their long distance chairman.
With King on board RIFC face a range of sanctions with the withdrawal of business facilities by Metro Bank likely to have devastating consequences for the way that the club operates on a day to day basis.
CLICK HERE for TAB statement.
CLICK HERE for further information and background..
